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Former Bank of China Policy Advisor Says Crypto Has No Intrinsic Value A former member of the People’s Bank of China monetary policy committee has explained why China banned crypto. China has banned crypto due to serious anti-money laundering concerns.
Huang Yiping, professor of finance and economics at Peking University’s National Development School and a former member of the monetary policy committee of the People’s Bank of China, published an article on why China has prohibits cryptocurrency.
He reports that when determining a position in cryptocurrencies, there are several things to consider. First, due to their lack of fundamental value, cryptocurrencies such as bitcoin are more akin to digital assets than real currencies. Additionally, studies have revealed that around 25% of all Bitcoin accounts and 50% of all trading activity is linked to criminal activity.
Additionally, the maturity of the country’s financial system and regulatory framework determines the regulatory stance regarding cryptocurrencies and digital assets. Typing informs its readers that the Chinese government prohibits cryptocurrency trading there at this time. The main reason is that China still has serious anti-money laundering problems. Addi…
The post Bank Of China Ex-Policy Advisor Says Crypto Lacks Intrinsic Value appeared first on Coin Edition.
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